NRBC Bank joins Tk5,000cr refinance scheme for CMSMEs

NRBC Bank PLC has joined Bangladesh Bank’s Tk5,000 crore revolving refinance scheme to provide working capital financing to cottage, micro, small and medium enterprises (CMSMEs) at a 9 percent interest rate.

According to a press release, the agreement was signed in Bangladesh Bank’s conference room on Tuesday, in the presence of Deputy Governor Md Anis Ur Rahman.

Bangladesh Bank’s SME and Special Programmes Department (SMESPD) Director Md Jabdul Islam and NRBC Bank Managing Director Dr Md Touhidul Alam Khan, FCMA, signed the agreement on behalf of their respective organisations. NRBC Bank Head of SME Division Md Ramzan Ali Bhuiyan and senior officials from both organisations attended the signing ceremony.

Under the agreement, eligible CMSME entrepreneurs will be able to obtain financing to meet working capital needs and to maintain or expand production, services and other business operations.
The fund will have a three-year tenure and operate on a revolving basis.

According to Bangladesh Bank guidelines, the scheme’s primary objective is to provide working capital loans or investment facilities for eligible CMSME enterprises.

The scheme is expected to help entrepreneurs operate at full capacity, create direct and indirect employment, expand CMSME businesses and increase the flow of funds into the economy.